Download or read book The Determinants of Municipal Bond Yields written by Kenneth Larry Hastie and published by . This book was released on 1978 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Determinants of Yield Variations in the Municipal Bond Market written by John R. Knight and published by . This book was released on 1974 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on the Municipal Bond Market written by Su Huang and published by . This book was released on 2013 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation focuses on the municipal bond market. Chapter 1 first introduces the classification of municipal bonds, then summarizes the literature that talk about the determinants of municipal bond yields, and finally classifies the determinants into three classes: the economic status of the state where the bond is issued, the demographic characteristics of the state, and the financial status of the state or the local government where the bond is issued. Chapter 2 introduces two nonparametric econometric techniques, including nonparametric regressions and gradient boosting. Compared with traditional ordinary least square methods, these two techniques can help us capture both nonlinearity and potential random interactions among key determinants in the analysis of municipal bond yields. Chapter 3 performs a comprehensive analysis on the determinants of general obligation municipal bond yields and examines the impact of the recent financial crisis on the underlying relations. A systematic comparison of the relations before and after the 2008 financial crisis shows that the economic and financial health of local governments has become markedly more diverse since the crisis began. The relation between the municipal bond yields and the economic and financial health of the local governments has also become stronger because of the larger differentiation among the local governments and hence larger signal to noise ratio, as well as closer scrutiny by market participants on the economic fundamentals of municipal governments. Chapter 3 also provides a new prediction framework and shows that accommodating nonlinearities and random interaction effects can significantly enhance the predictive performance on the municipal bond yields.

Download or read book Factors Determining Municipal Bond Yields written by Sidney Homer and published by . This book was released on 1966 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Determinants of Municipal Bond Returns written by Dongwuk Kim and published by . This book was released on 2001 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Trends and Changes in the Municipal Bond Market as They Relate to Financing State and Local Public Infrastructure written by United States. General Accounting Office and published by . This book was released on 1983 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An Analysis of the Determinants of the Yields on Individual Municipal Securities written by Alfred Broaddus and published by . This book was released on 1988 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Fundamentals of Municipal Bonds written by The Bond Market Association and published by John Wiley & Sons. This book was released on 2001-02-02 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for the Classic Guide to the Bond Market "This is simply the most comprehensive, useful look-it-up book onmunicipal bonds I've ever read (said with all due respect to TheABC of Municipal Bonds my dad wrote in 1937 when I was nine). ReadFundamentals cover to cover. I'm keeping mine in my briefcase,under my arm, at my fingertips. No accountant, financial advisor,attorney, new bond salesman, reporter, regulator, test-writer,cautious, suspicious first-time investor in municipal bonds, ordinner guest is ever going to catch me again with a question aboutmunicipal bonds I can't answer."-Jim Lebenthal, Chairman, Lebenthal& Co. "Judy Wesalo Temel gives us the Rosetta stone of the municipal bondmarket, the key to unraveling the many mysteries of 'muni's.' Herbook, a fresh take on the old standard Fundamentals of MunicipalBonds, updates chapter and verse on everything from investing tounderwriting, from over-the-counter to over-the-Internet. The styleis clean, crisp, and as simple as this complex subject can be. Areyou a novice who wonders how to invest in bonds? She lays out thebasics. Examples are easy to follow-even the mathematical ones thatare critical to explaining how municipal bonds work. At the sametime, there is plenty of meat for the pros. Whether you need tostart from square one and learn all about municipal bonds and howthey work, or need a ready reference for specific technicalquestions you run across as a market professional, this book is foryou."-Kathleen Hays, Economics Editor, Credit Markets Reporter, and"Bond Belle" CNBC "This is a must-read for every scholar, banker, and public officialconcerned with local government finance in the United States. JudyWesalo Temel has done the impossible: she has clearly andinsightfully explained how we finance the development of thenation's vital public infrastructure. This is an important book,one that will be required reading for professionals responsible forplanning, designing, and evaluating publicly financed projects-thehealth care, transportation, and educational facilities that allcitizens rely upon. The bond market is an essential element in thelife of local and state government, and this book makes itunderstandable to all Americans."-Mitchell Moss, Henry Hart RiceProfessor of Urban Planning and Director, Taub Urban ResearchCenter, Robert F. Wagner Graduate School of Public Service, NewYork University

Download or read book Tax Free Income written by Innoware Pjp and published by Independently Published. This book was released on 2023-06-12 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tax-Free Income: A Comprehensive Guide to Investing in Municipal Bonds Municipal bonds are a type of debt security issued by state and local governments in order to finance public projects such as infrastructure, schools, and hospitals. Municipal bonds are typically exempt from federal income taxes, and may also be exempt from state and local taxes for investors who reside in the state where the bonds are issued. The book covers the following: Chapter 1: Introduction to Municipal Bonds 1.1 What Are Municipal Bonds? 1.2 Advantages and Benefits of Municipal Bonds 1.3 Different Types of Municipal Bonds 1.4 Role of Municipal Bonds in Public Finance 1.5 Understanding the Municipal Bond Market Chapter 2: The Basics of Bond Investing 2.1 Bond Basics: Definitions and Key Concepts 2.2 How Bonds Work: Issuers, Coupon Rates, and Maturity 2.3 Risks and Rewards of Investing in Bonds 2.4 Factors Affecting Bond Prices and Yields 2.5 Diversification and Asset Allocation Strategies Chapter 3: Understanding Municipal Bond Credit Ratings 3.1 Importance of Credit Ratings in Municipal Bonds 3.2 Credit Rating Agencies and Their Methodologies 3.3 Evaluating Bond Creditworthiness and Risk 3.4 Impact of Credit Ratings on Bond Prices and Yields 3.5 Monitoring and Assessing Credit Ratings Changes for Bonds Chapter 4: Assessing Municipal Bond Market Conditions 4.1 Overview of the Municipal Bond Market 4.2 Market Participants in Municipal Bond Market: Issuers, Underwriters, and Investors 4.3 Analyzing Supply and Demand Factors in Municipal Bond Market 4.4 Interest Rate Environment and Yield Curve Analysis 4.5 Tracking Market Indicators and Economic Data for Municipal Bond Investing Chapter 5: Investing in General Obligation Bonds 5.1 Introduction to General Obligation (GO) Bonds 5.2 Understanding GO Bond Structures and Security 5.3 Analyzing GO Bond Repayment Sources 5.4 Assessing Risks and Creditworthiness of GO Bonds 5.5 Case Studies and Examples of GO Bond Investments Chapter 6: Investing in Revenue Bonds 6.1 Introduction to Revenue Bonds 6.2 Types of Revenue Bonds: Essential Service and Non-Essential Service 6.3 Evaluating Revenue Sources and Debt Service Coverage 6.4 Analyzing Revenue Bond Covenants and Security 6.5 Case Studies and Examples of Revenue Bond Investments Chapter 7: Tax Considerations for Municipal Bond Investors 7.1 Tax Benefits of Municipal Bonds 7.2 Understanding Tax-Exempt and Taxable Municipal Bonds 7.3 Impact of Tax Bracket on Bond Yield Calculation 7.4 Evaluating Alternative Minimum Tax (AMT) Risks for Municipal Bond Investors 7.5 Tax Reporting and Compliance for Municipal Bond Investors Chapter 8: Building a Municipal Bond Portfolio 8.1 Setting Investment Objectives and Risk Tolerance for a Municipal Bond Portfolio 8.2 Portfolio Diversification Strategies for a Municipal Bond Portfolio 8.3 Selecting Municipal Bonds Based on Maturity and Yields 8.4 Assessing Liquidity and Marketability of Muni Bonds 8.5 Portfolio Monitoring and Rebalancing Techniques for Muni Bonds Chapter 9: Risks and Mitigation Strategies in Municipal Bond Investing 9.1 Interest Rate Risk and Duration Analysis in Municipal Bond Investing 9.2 Credit Risk and Default Probability Assessment in Municipal Bond Investing 9.3 Prepayment and Call Risk in Municipal Bonds 9.4 Liquidity Risk and Marketability Considerations in Municipal Bond Investing 9.5 Strategies for Mitigating Risks in Municipal Bond Investments Chapter 10: Secondary Market Trading and Pricing of Municipal Bonds Chapter 11: Evaluating Municipal Bond Funds and ETFs Chapter 12: Advanced Topics in Municipal Bond Investing

Download or read book The Municipal Bond Rating Process written by Paul G. Farnham and published by . This book was released on 1981 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An Analysis of the Determinants of Bond Yields written by Mark E. Bedford and published by . This book was released on 1981 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Determinants of Municipal Bond Yields written by Kenneth Larry Hastie and published by . This book was released on 1970 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Stock Market Yields and the Pricing of Municipal Bonds written by N. Gregory Mankiw and published by . This book was released on 1996 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes an alternative to the traditional model for explaining the spread between taxable and tax-exempt bond yields. This alternative model is a special case of a general class of clientele models of portfolio choice and asset market equilibrium. In particular, we consider a setting with two types of investors, a taxable investor and a tax-exempt investor, who hold specialized bond portfolios. The tax-exempt investor holds only taxable bonds, and the taxable investor holds only tax-exempt bonds. Both investors hold equity, and the taxable and tax-exempt bond markets are linked through the equilibrium conditions governing equity holding and bond holding for each type of investor. In contrast to the traditional model, this alternative model has the potential to explain the small observed spread between taxable and tax-exempt yields. In addition, this model predicts that the yield spread between taxable and tax-exempt bonds should be an increasing function of the dividend yield on corporate stocks. Although the substantial changes in the tax code during the last four decades complicate the testing of this model, we find some support for the predicted relationship between the equity dividend yield and the yield spread between taxable and tax-exempt bonds.

Download or read book The Determinants of Risk Premiums of Municipal Bonds written by Nathan Gifford Russell and published by . This book was released on 1974 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Fundamentals of Municipal Bonds written by SIFMA and published by John Wiley & Sons. This book was released on 2011-10-25 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive new edition of the most trusted book on municipal bonds As of the end of 1998, municipal bonds, issued by state or local governments to finance public works programs, such as the building of schools, streets, and electrical grids, totaled almost $1.5 trillion in outstanding debt, a number that has only increased over time. The market for these bonds is comprised of many types of professionals—investment bankers, underwriters, traders, analysts, attorneys, rating agencies, brokers, and regulators—who are paid interest and principal according to a fixed schedule. Intended for investment professionals interested in how US municipal bonds work, The Fundamentals of Municipal Bonds, Sixth Edition explains the bond contract and recent changes in this market, providing investors with the information and tools they need to make bonds reliable parts of their portfolios. The market is very different from when the fifth edition was published more than ten years ago, and this revision reasserts Fundamentals of Municipal Bonds as the preeminent text in the field Explores the basics of municipal securities, including the issuers, the primary market, and the secondary market Key areas, such as investing in bonds, credit analysis, interest rates, and regulatory and disclosure requirements, are covered in detail This revised edition includes appendixes, a glossary, and a list of financial products related to applying the fundamentals of municipal bonds An official book of the Securities Industry and Financial Markets Association (SIFMA) With today's financial market in recovery and still highly volatile, investors are looking for a safe and steady way to grow their money without having to invest in stocks. The bond market has always been a safe haven, although confusing new bonds and bond funds make it increasingly difficult for unfamiliar investors to decide on the most suitable fixed income investments.

Download or read book Municipal Bond Finance and Administration written by Alan Rabinowitz and published by John Wiley & Sons. This book was released on 1969 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Determinants of Interest Rates on Tax exempt Hospital Bonds written by Michael Grossman and published by . This book was released on 1992 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this paper is to examine the determinants of interests rates on tax-exempt hospital bonds. The results highlight the potential and actual roles of Federal and state policy in the determination of these rates. The shift to a Prospective Payment System under Medicare has subsidized the borrowing costs of some hospitals at the expense of others. The selection of underwriters by negotiation rather than by competitive bidding results in higher interest rates. It is cheaper for hospitals in states with relatively high income tax rates to issue debt. The Federal tax act of 1986 raised the cost of hospital debt by encouraging bond issues to contain call features. Are the interest rate effects associated with these policies desirable or undesirable? This question can not be answered in the absence of estimates of the optimal subsidy that an average hospital should receive via its participation in tax-exempt markets, how this subsidy should vary among hospitals with different characteristics, and how the welfare costs associated with this subsidy can be minimized. Our results do not contain these estimates but they underscore that the differentials at issue are substantial.